GM mulls “cornerstone” sales in IPO

From Reuters: General Motors Co is considering selling a chunk of the carmaker’s stock to institutions as the company prepares for its initial public offering. GM is mulling a plan under which sovereign wealth funds or pension funds would serve as “cornerstone investors,” a technique often used for large initial public offerings to show that key investors are supporting the deal, four people said.
“It’s on the table and would be part of the normal course of the IPO,” one of the sources said, asking not to be named because the preparations for the IPO are private……………………………………….Full Article: Source